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Oversupply of oil could create glut of 4m barrels a day, says energy watchdog

Warning comes as scenario in which global demand continues to grow until 2050 is included in IEA outlook reportThe world is producing more oil than it needs and by next year there could be a glut of 4m excess barrels a day entering the market, according to the global energy watchdog.The International Energy Agency said the surplus in 2026 was likely to be larger than previously forecast, despite a decision from the biggest oil producers to pause their plan to increase crude exports. Continue reading...

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